Onix Solar Energy Ltd — Others, 17-06-2025: AGM/EGM

Onix Solar Energy Limited has announced a board meeting to approve several key corporate actions: regularization of Mr. Khilan Savaliya as a Non-Executive Director and Mr. Umeshkumar Singh as an Independent Director; appointment of Mr. Harpreet Singh as Managing Director for five years; and an increase in authorized share capital from Rs. 5 Cr to Rs. 27 Cr. The company plans two preferential issues—1.85 Cr equity shares (non-cash consideration) to Onix Renewable Limited as part of acquiring 99.99% stake in Nexgenix Solar Manufacturing Pvt Ltd, and 47.99 lakh equity shares for cash to various non-promoter investors—both at Rs. 264/share. These moves will alter shareholding with Onix Renewable Limited becoming the promoter with 90.34% post-issue stake. Additionally, shareholder approval is sought to raise the overall Section 186 lending/investment limit to Rs. 700 Cr. CRISIL Ratings Limited is appointed as the monitoring agency for the preferential allotments. The preferential issue price is supported by a registered valuer’s report and complies with SEBI pricing norms.